College-applicant students have to wait longer to receive their financial aid packages.
The U.S. Department of Education announced Tuesday that colleges and universities will not receive Free Application for Federal Student Aid (FAFSA) information until early March. The statistics were originally expected to be released in late January.
The department said it recently updated key parts of the FAFSA formula that used outdated inflation rates.
“Has been updated [student aid index] “This table allows students to benefit from an additional $1.8 billion in aid and ensures that all students have access to the maximum financial aid for which they are eligible,” the department said in a statement.
Schools are waiting on FAFSA information to begin building financial aid packages for students and families. This delay reduces the time families have to compare aid offers from schools.
This leaves millions of students in limbo, the president of the National Association of Student Financial Aid Administrators told NBC News.
“On the very day that schools were expecting FAFSA applicant information, we were informed by the U.S. Department of Education that we would not expect to receive that data until March at the earliest,” Justin Drager said in a statement. Stated.
“These continued delays, communicated at the last minute, threaten to harm the very students and families that federal student aid serves,” Draeger said.
Education officials promised a better FAFSA system that would “enable students to qualify for as much financial aid as possible.”
Andrea Swalec contributed to this article.
